Oracle on Monday reported better than expected earnings for fourth quarter.
Boosted by growing demand for its cloud services, the company’s revenue for the quarter jumped about 17% to $13.84 billion.
Its shares were up nearly 3% in extended trade.
“Companies doing LLM (large language model) development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle’s Gen2 Cloud,” Oracle chairman and chief technology officer Larry Ellison said in a statement.
The revenue for Oracle’s cloud services and license support unit rose to $9.37 billion in the quarter from $7.61 billion a year earlier.
The company has partnered with Nvidia to make the chip maker’s AI software
and chips available to Oracle customers via its cloud services.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 13 Jun 2023, 03:00 AM IST